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​What is ACST4005?

ACST4005 provides a comprehensive overview of statistical and actuarial methods, covering key concepts such as exploratory data analysis, various modelling processes used in actuarial practice, and model evaluation and deployment. The course links technical content with business applications through interactive examples and discussions on insurance products, enhancing students' commercial understanding. The subject develops your skills in analysing and interpreting data, and in applying statistical models to solve real-world problems in the insurance industry.

What is the most challenging part of the unit?

The second half of the semester focuses heavily on theoretical statistics and how various modelling techniques work conceptually. The formulas can become complex, and it may be difficult to fully grasp the theory without seeing how it applies in real-world contexts. I found it helpful to use the worked numerical examples in the notes to practise applying formulas and concepts, and to work through the r code alongside the lecture recordings to test my understanding. As you do this, make note of any questions that come up from the r code or lecture content and follow up with your own research. Use resources like Google, Chat gpt, Gemini, or Copilot - whichever platform you prefer.  These tools can often break down complex ideas into clear, simple explanations and provide worked examples. 

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​How do you balance your academics with everything else?

This subject compliments prior learnings in second and third-year courses, so you’re building on a foundation rather than starting from scratch. Drawing on that prior learning made the workload feel manageable and easier to balance alongside other subjects. 

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General Study Tips/Techniques for Content

• During the semester, I would copy all lecture slides and learning guides into OneNote (can also use your preferred platform) and take notes directly alongside them. I’d add explanations of formulas, graphs and concepts while watching the lectures to capture the verbal points that go beyond the written notes. 

• I found this especially important in the second half of the semester, where the subject dives into the statistics. Lecturers often provide clarifications in class that aren’t fully explained in the notes, so recording these details is valuable.

• While much of the statistical content is taught in prior subjects, new formulas may initially be confusing. They usually make more sense once applied in a practical application rather than relying solely on the theoretical explanation. 

• If the notes don’t provide a practical application use ai (as explained above) for step by step explanations and practical applications to reinforce understanding.

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Final Exam study 

• About 4-6 weeks before the final exam, start collating the lecture notes you made with the written notes provided. From this, create a comprehensive summary that you can later refine into a concise cheat sheet. 

• Treat the process of building your cheat sheet as active revision. Work through each topic systematically, writing that section of the cheat sheet - it helps reinforce learning and highlights areas where your understanding may be incomplete.

• Use past papers as a core study tool. They are invaluable for testing whether you’ve truly grasped each concept and for familiarising yourself with the style of exam questions. 

• Complete past papers using your cheat sheet. This not only identified knowledge gaps but also shows where your cheat sheet may need refining

• Discuss past paper answers with peers to understand different approaches and clarify misunderstandings. 

This subject is not as demanding as other Part II subjects but it does cover concepts that reappear in some Part III sources. For example, GIHPPA (General Insurance and Health Pricing and Portfolio Analytics) covers areas of ACST4005 such as GLM’s, GAM’s, model selection and assessment, as well as techniques such as Ridge and Lasso regression boosting machines etc. Building a solid understanding of this subject and all your Part II courses now will give you a strong foundation for your Part III’s.

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Good luck everyone! :)

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